The Effect of PER, DER, Firm’s Age, Firm’s Size, Gross Proceeds and Public Float on Long-Run Stock Performance after IPO with Initial Return as an Intervening Variable

Abstract

The purpose of this study is to analyze the effect of PER, DER, Firm’s Age, Firm’s Size, Gross Proceeds and Public Float with Initial Return as an intervening variable on the long-run performance of stocks after the IPO. The population in this study amounted to 372 stock issuers. The sample data used in this study is secondary data in the IPO period from 2018 to 2022 consisting of 155 stock issuers taken using the purposive method. The regression analysis used in this study is multiple linear regression to reveal the direct effect while to reveal the indirect effect through the intervening variable using the Preacher-Hayes Bootstrap Test. From the results of the tests carried out, it was found that DER and Gross Proceeds had a direct effect on the long-run performance of stocks after the IPO while other dependent variables had no effect. In addition, from the results of the Preacher-Hayes Bootstrap test that had been carried out, no indirect effect was found on the independent variable through the intervening variable on the dependent variable.